Unocal’s stock plans will sell some notes.

The oil company’s profit-sharing and employee stock ownership plans said they will sell $210 million in senior secured notes owned by the plans to comply with “applicable law.” Under a plan developed by Unocal to thwart a takeover bid by T. Boone Pickens Jr., Unocal is exchanging notes worth $72 per share for 59.3 million shares of the company’s common stock. The employee benefit plans will receive a total of $292.7 million in notes under the plan.